NEW YORK, NY / ACCESSWIRE / February 17, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of CPI Aerostructures, Inc. ("CPI" or the Company") (NYSE:CVU). Investors who purchased CPI securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/cvu.
The investigation concerns whether CPI and certain of its officers and/or directors have violated federal securities laws.
On February 8, 2019, CPI revealed its recent Q3 2018 financial statements were found to have an "error . . . in the Company's billing process." The Company said that the alleged error overstated its revenue and income before provision for income taxes, net income, and EPS.
Later, on February 14, 2020, CPI said that its financial statements for fiscal year 2018, the last three quarters of 2018, and the first two quarters of 2019 should no longer be relied upon and that errors were identified in its financial statements with recognition of revenue from customer contracts.
The Company also revealed that it maintained ineffective internal control over its financial reporting for 2018 and then announced the resignation of its recently appointed CFO Dan Azmon. Following this news, the CPI stock dropped $1.80 per share, or over 26%, to close at $6.67 on February 14, 2020.
If you are aware of any facts relating to this investigation, or purchased CPI shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/cvu. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC